Bitcoin rebounds to $75K on thin liquidity, raising cascade risks

Bitcoin has rebounded to around $75,000, but orderbook data show liquidity remains structurally weaker than pre-October levels, Amberdata reports. From May to October 2025, BTC's rally coincided with liquidity climbing from $21 million to a $45 million peak before a sudden October crash saw liquidity slump 46% within hours from $48 million to $26 million and prices fall from $122,000 to below $100,000 as market makers pulled back. Recent orderbook liquidity has recovered above $30 million, yet Amberdata warned that readings of $35 million or above $40 million would be needed to mirror pre-crash conditions and that a depth drop below $25 million (10bps) alongside rising volume would imply heightened liquidation cascade risk. CryptoQuant's Head of Research Julio Moreno said $75,000 or $85,000 could act as key resistance levels, while Bitfinex analysts told AMBCrypto that turning $75,000 into support and holding the $75,000–$78,000 acceptance zone would be important for any sustained rally.